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Top 10 Richest Families In The World

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The world’s wealthiest families not only amass staggering fortunes but also wield significant influence across industries and continents.

From the retail giants to oil dynasties and luxury fashion houses, these families have built empires that define global commerce and culture.

Here’s a closer look at the top 10 richest families in the world in 2024, per ranking via Investopedia, exploring their net worth and business ventures.

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Richest Families in the World

Al Nahyan Family
Net Worth: $305 billion

Industry: Industrial, diversified investments

The Al Nahyan family is known to be the ruling and wealthiest family in Abu Dhabi . Their wealth amass from vast investments in various sectors, including oil, real estate, and finance.

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READ ALSO: Top 10 Richest People In The World

Walton Family
Net Worth: $259.7 billion
Industry: Consumer Retail (Walmart)

The Walton family, Heirs to the Walmart empire, the Waltons have maintained their position through extensive global retail operations.

Hermès Family
Net Worth: $150.9 billion
Industry: Luxury fashion

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The Hermès family owns the iconic French luxury brand

Mars Family
Net Worth: $141.9 billion
Industry: Confectionery, pet care

The Mars family is best known for their candy empire, including brands like M&M’s and Snickers, and has diversified into pet care.

Al Thani Family
Net Worth: $133 billion
Industry: Industrial, diversified investments

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The Al Thani family is the ruling family of Qatar. The Al Thani family’s wealth primarily stems from their control over Qatar’s vast oil and natural gas reserves. Their investments in various industries, including finance, real estate, and infrastructure, have also contributed significantly to their wealth.

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Koch Family
Net Worth: $127.3 billion
Industry: Diversified industrial

The Koch family, Owners of Koch Industries, one of the largest private companies in the world, with interests spanning multiple sectors.

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Al Saud Family
Net Worth: $112 billion
Industry: Industrial

Al Saud family, the Saudi royal family, whose wealth is deeply rooted from their control over Saudi Arabia’s oil reserves and their investments in various industries.

Ambani Family
Net Worth: $104.3 billion
Industry: Diversified industrial (Reliance Industries)

The Ambani family’s wealth comes from Reliance Industries, with interests in telecommunications, retail, and digital services.

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Wertheimer Family
Net Worth: $89.6 billion
Industry: Luxury fashion (Chanel)

The Wertheimer family’s wealth mainly comes from their ownership of Chanel, a renowned luxury fashion house. Their successful management and expansion of the Chanel brand have significantly contributed to their wealth.

Thomson Family
Net Worth: $71.1 billion
Industry: Media (Thomson Reuters)

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The Thomsons are major players in the media industry through their ownership of Thomson Reuters, providing news and financial market information.

These families have diversified their investments across various sectors, ranging from traditional industries like oil and retail to luxury fashion and media, demonstrating significant influence and economic power globally​.

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Four British-Nigerians Who Won UK Parliament Seats

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The British citizens on Thursday, July 4, 2024, trooped out to the polling units to elect members of parliament that will form a new government.

In the election, the Labour Party won overwhelmingly to secure 412 seats out of 650 to end the 14-year rule of the Conservatives.

Consequently, the Labour leader, Keir Starmer has been officially appointed as the British Prime Minister, after Rishi Sunak conceded defeat and resigned as Tory leader.

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Four prominent British-Nigerians were victorious at the polls.

Kemi Badenoch returns as Tory MP despite Conservatives’ ouster

Renowned British-Nigerian in the United Kingdom Parliament, Kemi Badenoch, won her seat in North West Essex in the July 4 Parliamentary elections.

Badenoch was re-elected as a Conservative Party member of Parliament despite a landslide loss of the Tories to the Labour Party.

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She won with 19,360 votes defeating her main challenger, Labour’s Issy Waiter, who garnered 16,750 votes.

Speaking shortly after her victory at the polls, Badenoch said, “Many of my friends and colleagues have lost their seats. They have served their country with distinction. Their service will never be in vain. But the public have spoken and they have said loud and clear that the Conservatives have lost their trust.”

Born on January 2, 1980, Badenoch served as Britain’s Secretary of State for Business and Trade from 2023 to 2024. She also served as the President of the Board of Trade and Minister for Women and Equalities from 2022 to 2024.

READ ALSO: Food Crisis: 82 Million Nigerians May Go Hungry Soon, UN Warns

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Resilient, bold and diligent, Badenoch was tipped to succeed the immediate past UK Prime Minister, Rishi Sunak, as she showed interest after Liz Truss resigned in October 2022.

The 44-year-old British politician has been in the UK Parliament representing Saffron Walden as an MP from 2017.

Badenoch studied Computer Systems Engineering at the University of Sussex and got a Master’s degree in 2003. She also studied Law at Birkbeck, University of London.

She got married to Hamish Badenoch in 2012 and is blessed with three children.

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Businessman Bayo Alaba wins Newcastle for Labour Party

British-Nigerian businessman, Bayo Alaba, won the Southend East and Rochford for Labour Party.

Alaba won with 15,395 votes against the Conservative Party’s candidate, Gavin Haran with 11,368 votes.

Widely known as a successful former Parachute Regiment soldier, and youth mentor, Alaba is currently serving as the first black councillor for the London Borough of Redbridge.

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Born and raised in Forest Gate, east London, Alaba is a Board Trustee for Phoenix Resource Centre, a sustainable charity with operations in the UK and abroad.

READ ALSO:‘We Have A Problem’: Democrats In ‘Aggressive Panic’ Over Biden’s Debate Performance

Commenting on his victory, Alaba said, “The people of Southend East Rochford have put their trust in our changed Labour Party. Now is the time to deliver.

“This will be the greatest thing of my life. I will work every day to repay the trust you put in me,” he added.

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Former Shadow Minister, Taiwo Owatemi who staged comeback

A former Member of Parliament of Nigerian descent, Taiwo Owatemi, also won the UK Parliament election in Coventry North West for the Labour Party.

Owatemi polled 19,696 votes to defeat her main rival, Tom Mercer from the Tories, who secured 8,522 votes.

She served as the Shadow Minister for Women and Equalities from September 2021 to September 2022.

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Born on July 22, 1992, Owatemi who grew up in Plumstead was first elected into the UK Parliament in 2019.

The 31-year-old politician got a Master’s degree in Pharmacy from the University of Kent. She worked at a cancer unit in Dartford and Gravesham NHS Trust before venturing into politics.

Owatemi was a member of Labour Friends of Israel and part of the delegation that travelled to the country in February 2023.

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After her victory in the election, Owatemi, who was a spokesperson for the Medical Research Council, said, “Words cannot express my gratitude to the people of Coventry North West. Your trust in me, in our shared vision, for a brighter future, is truly humbling.”

“It is the honour of my life to represent you and I will continue to work tirelessly to ensure your voices are represented,” she added.

Chi Onwurah continues winning streak

Chi Onwurah has been re-elected as an MP to represent Newcastle upon Tyne Central and West for the Labour Party in the UK Parliament election.

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Onwurah came victorious with 18,875 votes on July 4 as the Labour Party recorded a landslide win that unseated the Tories.

Before the election, Onwurah born on April 12, 1965 was the Shadow Minister for Industrial Strategy.

The 59-year-old born in Wallsend, who was first elected into the UK Parliament in 2010, defeated her closest opponent Ashton Muncaster of the Reform Party who had 7,815 votes.

She attended Kenton School, Newcastle and got a degree in Electrical Engineering from Imperial College London.

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In her remarks after the secured victory, Onwurah said, “Thank you from the Labour team to everyone in Newcastle Central and West for putting your confidence in Labour and electing me as your Member of Parliament. We will not let you down!”
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Food Crisis: 82 Million Nigerians May Go Hungry Soon, UN Warns

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The United Nations has again predicted that 82 million Nigerians, about 64 per cent of the country’s population, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity.

The prediction comes in the wake of a persistent hike in food prices in the country.

According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase.

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This surge represents the largest year-on-year increase in food prices since records began in 1996.

Historically, food inflation in Nigeria has averaged 13.42 per cent, with the lowest point of -17.50 per cent in January 2000.

In 2023, the Food and Agriculture Organisation predicted that no fewer than 2.6 million Nigerians in Borno, Sokoto and Zamfara states, and the FCT may face a food crisis between June and August 2024.

According to a government-led Cadre Harmonisé analysis released in March, 2024, approximately 4.8 million people in Borno, Adamawa and Yobe states are experiencing severe food insecurity, the highest level in seven years.

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Also, as Nigerian workers commemorated the 2024 May Day, Organised Labour expressed concern about the country’s rising food prices and fuel scarcity, saying that the current situation threatened the survival of workers.

A Senior Advocate of Nigeria, Olisa Agbakoba, also recently warned that a hunger riot might soon break out in Nigeria, calling on the Federal Government to act fast.

Speaking recently at the launch of CropWatch in Abuja, the Resident Humanitarian Coordinator of the Food and Agriculture Organisation, represented by one of the UN officials, Taofiq Braimoh, said, “The government of Nigeria, in collaboration with others, conducts an annual food security survey. This year’s results are alarming: approximately 22 million Nigerians will face food insecurity in 2023, and around 80-82 million are at risk of severe food insecurity by 2030.

“Nigeria, like many countries, grapples with food insecurity, climate change, unreliable water patterns, pest infestations, and other threats to agricultural productivity. As an agrarian society, our farms’ success directly impacts food availability for our population. Leveraging technology is crucial to strengthening our agriculture sector and ensuring food security.”

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He stressed that satellite-based crop monitoring provided real-time data on crop conditions, enabling farmers and policymakers to make informed decisions and optimise agricultural practices.

He noted that the technology could help expedite the accomplishment of sustainable development goals in food and agriculture.

‘Climate change fuelling high hunger rate’

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An agricultural economist from the Centre for Agricultural Development and Sustainable Environment at the Federal University of Agriculture, Abeokuta, Tobi Awolope, attributed the high hunger rate in Nigeria to climate change, which has severely affected smallholder farmers, the main players in food production.

Awolope, who spoke to our correspondent on Friday, noted that those farmers had a low adaptive capacity to cope with the effects of climate change, such as irregular rainfall patterns and lack of irrigation.

“Climate change has reversed the progress towards achieving Sustainable Development Goals 1 and 2, which aim to eradicate poverty and hunger. Smallholder farmers are struggling to adapt to the changing climate, and this has led to declining food availability and rising prices,” she said.

She emphasised the need for government support for farmers, including subsidising production inputs, and providing technology and irrigation assistance.

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“Farmers cannot mitigate the effects of climate change alone. The government needs to step in and support them to ensure food security,” she stated.

Awolope also stressed the importance of utilising research recommendations to inform policy decisions, saying, “This is not the time to leave research output on the shelf. We need to use those recommendations to make informed decisions that will support our farmers and ensure food availability.”

Meanwhile, the Director General of the National Space Research and Development Agency, Dr Adepoju Mathew, highlighted the importance of science, technology, and innovation in advancing agricultural development and food security.

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“The world population is projected to reach 9.5 billion by 2050, and food production must increase by 70 per cent to meet this demand.

“Space science, technology, and innovation play a crucial role in transforming agriculture and enhancing food security,” he added.

UN report reflects real situation— Farmers

Speaking with The PUNCH, the National Secretary of the All Farmers Association of Nigeria, Dr Yinusu Alidu, said the UN report should be taken seriously, noting that it reflects the real situation in the country.

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He said, “What the UN said is trending at the moment, because it reflects the real situation in the country. It is not magic; the UN is only gathering reports, and speaking to the current situation. They are using global warming, climate change, insecurity, and other factors to make the report. People like us on the field know already that the UN’s report is becoming real.

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“This is July and there is not enough rain yet. Weather forecast experts have predicted that there is going to be a drought. They predicted that there was going to be a short rain period, and that rain may not fall after August. They advised farmers to plant crops that will yield and mature fast. If not, the crops will be stunted and will not yield well. If people use conventional modes of planting, their farms will be affected by drought.”

Alidu urged the government to act on the report to prevent a food crisis.

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He said, “It is the responsibility of the government to prevent a food crisis. The government should encourage irrigation farming systems. The government needs to create dams and channel waste water for farming purposes. Water is being wasted a lot. This is the right time for the government to be serious about off-season farming. Seventy per cent of crops grown in Nigeria are planted with direct rain; few people use irrigation systems. The government has a responsibility to make farming easy for farmers. They should support the irrigation system.

“I don’t know why the government is taking a lackadaisical approach to farming. Maybe they believe they have the money to buy anything they want, regardless of the price, because they have money. What about the average Nigerian? I would only advise farmers to be smart and fast in farming.”

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‘UN report reflection of govt failure’

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Also speaking with our correspondent, the President of Integrated Agricultural Services, South-West, Mr Adeyemi Adejare, described the UN’s report as a pointer to the government’s failures in supporting agriculture and farmers.

Adejare said Nigeria was already witnessing a shortage of food, saying only aggressive farming could help Nigeria out of the crisis.

He said, “The only way to avert the UN’s prediction is to engage in aggressive farming, and get genuine support from the government. Nigeria is facing food insecurity already, so we can’t shy away from what the UN said. It is a pointer to the government’s failure to support agriculture.

“The food industries and our farming system must reach a sustainable level to avert the prediction, and that requires a holistic approach. We need to discard the old farming, storing, and processing systems. Government at all levels must be genuinely committed to promoting agriculture.

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“The government must empower farmers and encourage mechanised farming for the youth. The government must also provide soft loans and subsidise farming inplements for genuine farmers.”

Adejare noted that the UN report was correct, adding that the nation must take proactive actions to end food insecurity.

He said, “The UN report is correct. Currently, it will take Nigeria 30 uninterrupted farming and harvesting seasons to achieve food security, because of the shortage we have already.

“The government has not been fair to farmers. The northern farmers are enjoying little benefits from the government, but the South-West governors are not helping the farmers at all. The governors have not been helpful; they have been paying lip service to the promotion of agriculture.”

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Ojude Oba: Farooq’s Far Look Beyond The Grave

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Tunde Odesola

The flamboyant Ojude Oba festival of flourish and colours is nothing but the cat’s pyjamas. The lavishness of the Ijebu and their thriftiness are bemusing contradictions. As a matter of fact, the Ijebu and their intimidating panache are just the cat’s meow.

Pomp, power, pleasure and pain, inscribe industry, grit and glamour in the Ijebu DNA. The Ijebu are different, so said their wise king, Awujale Sikiru Adetona, the Ogbagba Agbotewole II, when he traced Ijebu roots to Sudan, saying there was life before Ile-Ife. The Ijebu are just the bee’s knees, simple!

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The làlà koko fèfè of the Ijebu headlined various Nigerian newspapers as the Ojude Oba festival climaxed in Ijebu-Ode last month. The Gen Z slang – steeze – an offspring of style and ease, became a national slogan. Some call it steaze or steez, either way, they aren’t wrong. The style and ease with which the Ijebu have steered the Ojude Oba festival to national consciousness is indeed steezy.

Yearly, many illustrious Ijebu sons, daughters and families come together in a display of love, unity, integration and sociability in Ijebu-Ode. One of such legendary sons of Ijebu is the honcho of Africa’s telecommunication giant, GLOBACOM, Chief Mike Adenuga, whose support for the Ojude Oba festival over the years is stupendous. Also, the popular Balogun Kuku family won the age-grade régbé régbé parade for the eighth time in a row.

From Chief Commander Ebenezer Obey to King Sunny Ade, to the late Chief Sikiru Ayinde Barrister, General Kollington Ayinla, and King Wasiu Ayinde Marshal, there’s no big Yoruba musician, apart from Hip-Hop, Rap, R&B and Ragge artistes, that has not sung the panegyric of the Ijebu, with the latest being Buga sensation, Jesse King.

MORE FROM THE AUTHOR: OPINION: President Tinubu Exposes Nigeria’s Big Thieves

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Horse riding at the festival is the historical preserve of the families of Ijebu war heroes known as the Balogun. For the Oreagba family, the 2024 edition of the Ojude Oba festival was another opportunity to display the tradition of horse riding to the admiration of the Awujale, indigenes and guests at the king’s forecourt. But little did their 58-year-old son, Farooq, who had been unnoticed riding his horse at the festival in the last 13 years, know that fate was scripting a celebratory chapter in his life. Note, for 13 unbroken years, Farook, the Ijebu cat with nine lives, was riding his horse and smoking his cigar without consequence. Ijebu and cats.

Farooq chatted and partied with family and friends at the Ojude Oba grand finale. He needed not a single word but just the click of the camera to announce himself to the world. Farooq’s newfound celebrity status is the reward for his fidelity to family values demonstrated by his untiring punctuality and execution of the horse riding chore of the Oreagba lineage at the Ojude Oba. If Farooq hadn’t attended this year’s festival, the epitaph on his tombstone might only have read, “Here lies the remains of Farooq omo Oreagba: a great man who lived life to the fullest in the jaws of death.”

Farooq the mortal played his part in the incredible story, which his life journey symbolises, before the gods took over, rewriting and redirecting the script to fulfill his destiny. While preparing for this life-long journey, the young Oreagba armed himself with a Diploma in Business and Finance and a degree in Combined Engineering Studies. He’s also a UK authorised financial representative and a registered trader on the New York Stock Exchange.

MORE FROM THE AUTHOR: OPINION: How Oluwo Of Iwo Was Jailed In The US

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Sad enough, the Tottenham Hotspur supporter suffers from an incurable strain of cancer called multiple myeloma. Speaking with me on the phone, Farook said, “Cancer made me realise nothing can be taken for granted. God will never give you a problem you can’t solve. My father died when I was two. My mother raised my sisters and I, and she did a fantastic job. My sisters went to Queens’ College and I went to Kings’ College, Lagos.”

Reflecting on the shifty nature of life’s sand, Farook said he experienced desertion when his life hit a rough patch. He revealed that discipline, focus and determination were life-saving tools needed for navigation on life’s weary road.

He said, “I was a director at the Nigerian Stock Exchange. When I left the Stock Exchange, the desertion began. When I was diagnosed with cancer, the desertion increased because many felt I would die. However, as some people were going out of my life, new ones were coming into my life in my hour of need; I got love from people I least expected just as I got ignored by some people I thought should give love.

“I’ll be 58 in a few days. My phone number has not changed in the last 18-20 years. I now get calls from people who have not said hi to me in the last 10 years. They’re now coming back in droves. To this kind of people, I greet them back by saying hi but I can’t rely on them; the door is closed.”

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I asked Farook if his sickness had affected his sex drive. “I don’t have prostate cancer. My sex drive is perfect,” he said. I also asked him about the reaction of the Awujale after this year’s Ojude Oba blew the internet. “We haven’t spoken yet,” he responded. Did you ever contemplate suicide or suffer depression? I fired. “No, why would I contemplate such? Would you? Neither have I had depression,” came his cool answer.

Cautioning men not to fight their ex-wives, Farook said his ex-wife, a medical doctor based in the UK, was the one who made him go for a routine MIR test which revealed his cancer status. “It was her birthday and I flew to England. At some point in England, my ex-wife advised me to go for a test. Hitherto, I had done a prostate test in South Africa, and I was given a clean bill of health. I did the MIR test in the UK and flew back to Nigeria.

“After a few days, my ex-wife was on the phone crying. She asked if I was alone, I said yes, and she delivered the news. I said it wasn’t possible. I got a second and a third medical opinion. Then, reality set in. It’s good to have regular medical check-ups. Luckily, my cancer was discovered at stage one.”

MORE FROM THE AUTHOR: OPINION: Discussing MKO, Bisi Akande, Osimhen And Portable

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Do you have a will, I asked Farook. “I did my will a week after I was diagnosed,” he replied.

Asked if he saw the hand of God in the turn of events in his life, Farook said yes. “I never looked for this (new) role. I’ve been riding the horse and smoking my cigar at the Ojude Oba festival for 13 years. I’ve been with my tattoos. The photographer, Fola Stag, has long been participating in the festival. Some people said my horse was the biggest but I’ve been riding the same horse since. The difference is that this time, Fola Stag got a perfect shot from a great angle and the rest, like they say, is history. I see the hand of God in it all.”

The scion of Oreagba had special meals at a stage in his cancer battle, “but those days are over, I go to buka and eat anything now.”

Surely, cancer has changed the view of Farook about life. “I now look at life differently. I appreciate life more now. Each day is a gift. So, I ensure I live my life to the fullest, live life as normally as possible. I drink whisky. Caution is the word: chemo is a problem and so is hangover. So, if you drink and have a hangover, the two are very painful. I smoke my cigar four days a week, no cigarettes, no pipe. I’ve been playing squash since I was 11. I run at least three times a week. I wake up by 5 a.m. Before I go to work, I run 10 kilometres.

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“I run half marathon, that is, 21 kilometres on weekends. I use the money I raise for my charity work, we have built a school and done some interventions,” the two-time divorcee said.

I called the Ojude Oba festival the cat’s pyjamas and described the Ijebu as the cat’s meow. If you called me names for this, it’s likely you don’t know the adjectives mean exceptionally excellent and very appealing. I forgive.

What’s your greatest wish, I inquired from Farooq. “My youngest child is 12 years old. My children are the centre point of my life. I want to be around for them. If I could live for another 20 years, I would say being diagnosed with cancer is the best thing that happened to me.”

Farook represents the resilient Nigerian spirit in the face of adversity. His is the telling tale of one lucky survivor who never thrust his fate to the dilapidated healthcare centres and infrastructure littering the Nigerian landscape. Instead of labelling Nigerians, especially the youths, as lazy, what governments at all levels should do is stop the crazy looting and make the commonwealth work for all.

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Email: tundeodes2003@yahoo.com
Facebook: @Tunde Odesola
X: @Tunde_Odesola

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